SEBI CSCRF for AIF + VCF (manager-level combined corpus)
3 tiers are reachable, decided by sum of corpus across all aifs + vcfs + schemes managed (inr crores) and number of clients (sub-100 → m-soc exemption if self-cert).
Apr 2025 (§2.7): categorisation at the MANAGER level. Sum of corpus across all AIFs + VCFs + schemes managed by the same manager.
Classification
What decides a AIF + VCF (manager-level combined corpus)'s tier
Alternative funds are categorised at the manager level, with the corpus of every fund and scheme under the same manager summed together. That is a deliberate anti-fragmentation rule: several small vehicles under one manager share the same systems, the same staff and the same email domain, so measuring each in isolation would classify the risk to a fraction of its real size.
Sum of corpus across all AIFs + VCFs + schemes managed (INR crores)
Number of clients (sub-100 → M-SOC exemption if Self-cert)
Obligations
What each reachable tier requires
Only the tiers a AIF + VCF (manager-level combined corpus) can actually land in are listed.
Mid-size REs
Stock Brokers 1-10L clients OR ₹1-10L Cr volume, AMCs ₹10k-1L Cr AUM, Custodians ₹1-10L Cr AUC, Portfolio Managers ≥₹10k Cr AUM, AIF+VCF managers >₹10k Cr corpus, RTAs 1-2 Cr folios.
VAPT
Once a year (commences Q1 of FY)
Cyber audit
Once a year (twice a year if providing IBT or Algo trading)
Drill
Annually
- IT Committee with external cybersecurity expert — mandatory, quarterly meetings
- 24×7 SOC (own / Market SOC / 3P-managed); annual functional efficacy review
- HSM — risk-assessed alternative permitted (Board approval required)
- Designated CISO or equivalent officer
- Annual cyber resilience posture evaluation (EV.ST.S5)
M-SOC
Eligible for SEBI M-SOC, encouraged
HSM for key storage
Risk-assessed alternative permitted
CISO reporting line
Designated officer is sufficient
IT Committee
Mandatory, meets quarterly
RTO
As set in your CCMP
RPO
As set in your CCMP
Incident reporting
6 hr to SEBI Incident Reporting portal + [email protected] AND CERT-In (per April 2022 Directions). Interim report 3d, mitigation 7d, RCA 30d, incident-VAPT 45d (CSCRF Annexure-O).
Small-size REs
Stock Brokers 10k-1L clients OR ₹10k-1L Cr volume, AMCs <₹10k Cr AUM, Custodians <₹1L Cr AUC, Portfolio Managers ₹3k-10k Cr AUM, AIF+VCF managers ₹3k-10k Cr corpus, RTAs 10k-1Cr folios, all active Merchant Bankers, Non-individual IAs (registered in another category).
VAPT
Once a year
Cyber audit
Once a year (twice a year if providing IBT or Algo trading)
Drill
Annually
- Onboard to Market SOC (NSE/BSE) — MANDATORY, unless RE has own SOC and submits efficacy reports
- Designated CISO or equivalent officer
- IT Committee optional (otherwise MD/CEO/Board approves CSCRF compliance)
- Annual cyber resilience posture evaluation
M-SOC
Market SOC mandatory unless you run your own
HSM for key storage
Risk-assessed alternative permitted
CISO reporting line
Designated officer is sufficient
IT Committee
Not mandated
RTO
As set in your CCMP
RPO
As set in your CCMP
Incident reporting
6 hr to SEBI Incident Reporting portal + [email protected] AND CERT-In (per April 2022 Directions). Interim report 3d, mitigation 7d, RCA 30d, incident-VAPT 45d (CSCRF Annexure-O).
Self-certification REs
Stock Brokers 1k-10k clients OR ₹1k-10k Cr volume, Portfolio Managers ≤₹3k Cr AUM, AIF+VCF managers ≤₹3k Cr corpus, CIS, CRAs, Debenture Trustees with new clients in last 3 FYs.
VAPT
Once a year
Cyber audit
Once a year
Drill
Annually
- Onboard to Market SOC — MANDATORY, unless RE has own SOC
- Designated CISO or equivalent officer
- IT Committee optional
M-SOC
Market SOC mandatory unless you run your own
HSM for key storage
Risk-assessed alternative permitted
CISO reporting line
Designated officer is sufficient
IT Committee
Not mandated
RTO
As set in your CCMP
RPO
As set in your CCMP
Incident reporting
6 hr to SEBI Incident Reporting portal + [email protected] AND CERT-In (per April 2022 Directions). Interim report 3d, mitigation 7d, RCA 30d, incident-VAPT 45d (CSCRF Annexure-O).
Scope
What a CSCRF VAPT has to reach at a AIF + VCF (manager-level combined corpus)
The capital call is the exposure. It is a legitimate email carrying payment instructions for a large sum to a recipient who expects it, which is the ideal starting position for business email compromise — and the manager-level aggregation exists precisely because that risk does not shrink when a manager splits activity across vehicles. Investor data in these vehicles is also unusually sensitive: identifiable individuals with disclosed net worth.
Cyber audit covers 100% of critical systems and a 25% sample of the rest, so what is classified as critical is a scoping decision with consequences rather than a labelling exercise.
Much of an alternatives platform is administrative, and all of it is in scope:
- The fund administration platform, whether operated in-house or by an administrator
- Capital call and drawdown workflows, including the notices that carry banking instructions
- Investor and LP reporting portals, and the data rooms alongside them
- Subscription, onboarding and e-signature paths
- Banking and payment interfaces used for calls and distributions
- Email and document sharing, which at this size is a primary business system rather than a supporting one
Where this goes wrong
Scoping one fund instead of the manager
The framework aggregates at the manager, and so should the assessment. Where the same team, the same mailboxes and the same administrator serve several vehicles, testing one fund and extrapolating produces a result that describes no actual system boundary. The shared services are the system.
Submission
Where a AIF + VCF (manager-level combined corpus) files, and by when
Reports go to SEBI. CSCRF Tables 17 and 23 route MIIs and all remaining regulated entities to SEBI.
Within 1 month
Report submitted
The VAPT report is filed within a month of the activity completing, after your IT Committee has approved it where one is mandated, together with the MD/CEO declaration the format requires.
Within 3 months
Findings closed
Closure runs from submission, graded by criticality. Anything still open at three months needs IT Committee approval to stay open and has to be closed before the next cycle starts.
Within 5 months
Revalidation complete
Revalidation runs from completion of the VAPT, not from submission — which is why a cycle started late in the year rarely leaves room to finish it.
Plan the cycle at the start of the financial year rather than against the deadline. No audit period may be left unaudited because a category changed mid-year: an unaudited stretch has to be pulled into the current cycle.
How we help
CERT-In empanelled, and the report is written for the submission
We run the VAPT and cyber-audit scope your tier requires, and the deliverable is written to be filed — mapped to the CSCRF control set rather than handed over as a generic findings list that someone then has to translate.
Verified against the source circulars as of 3 August 2026.